Condo Payment = $2512
Condo Property Tax = ~$400.
Condo Association = ~$200.
Total = $3112
less tax savings = ~$2000/mo
Ratio of after tax owning to rent $2000/1241 = 1.61
Years til parity 1.038^(years) = 1.61
yields 13 years.
So, if rents keep appreciating at the current rate, my rent will be on par with owning provided I don’t get an association increase or spend any money on maintenace in about the 2019.
Provided the condo glut doesn’t depress rents.
Woe is me.
Of course, maybe you prefer the Apartment Owners Association Poll claiming 5.8%, great parity is reached in 2014.
